Product Update | May 2024
User Experience Updates
👨💻 Skip the Documents Upload: KYC Just Got Easier for US Customers
With backend optimisations to our KYC flows, we are targeting an improvement to conversion rates by up to 20% for US customers. This will give us the highest verification accuracy and conversion in the industry.
Your US customers will be able to complete KYC verification up to 3x faster. We only need a phone number and date of birth for verification. Personal details are auto-filled, minimising user input and error.
🏦 Skip the Middleman: Bank-to-Banxa Transfers Now Live with Open Banking
Open Banking is re- inventing how customers fund their crypto purchases. By securely connecting their bank account to Banxa, customers can enjoy instant transfers with over 90% of banks in the EU and UK. No more leaving the checkout page or dealing with manual bank transfers!
We’ve partnered with OKX to pioneer one of the first major Open Banking integrations for Web3. This streamlines transactions for EU and UK users, eliminating over 20 steps previously required with traditional bank transfers.
🍏 Apple Pay Made Easier: Re-Enter Card Details & Retry Seamlessly
This simple enhancement for Apple Pay increases your customers’ payment success rate and reduces cart abandonment. If an Apple Pay transaction fails, customers can now easily retry the payment by simply re-selecting a card, without needing to start a new order.
This retry option has proven to boost successful credit card payments by 15%, and we anticipate the same positive impact for your Apple Pay transactions.
API Updates
🌐 Rolling Out a New API Version
Our latest API version streamlines integration and empowers your platform with enhanced features and data:
- Geolocation-Aware Quotes: Tailor user experiences by sending IP addresses with your Get Quotes requests. We’ll instantly verify if the user is in a supported country.
- Custom Order Tracking: Maintain order management across platforms with the new customOrderId parameter. Easily track orders throughout their lifecycle with your own IDs.
- Clearer Error Handling: Retrieve scenario specific information and quickly address quote-related issues. Our enhanced Get Quote error messages provide specific details when quotes fall outside the accepted range.
- Advanced Channel Tracking: Optimise your marketing and reporting by identifying the origin of your orders. The new subPartnerId parameter lets you effortlessly attribute conversions to specific channels.
- US State Granularity: Expand your understanding of supported regions with detailed information on permissible US states. Our Get Countries call now includes this valuable data for streamlined compliance.
For our partners on an existing version of the API, note that this version does not support backward compatibility – we will continue to support the existing version.
If you would like to upgrade to any of these features, our account managers will work with you on your integration.
💱 Introducing Dynamic Commission Setting (Beta)
Unlock greater flexibility and control over your revenue with our new dynamic commission feature. Tailor commission rates on a per-order basis for specific user segments e.g. VIPs versus long tail, different channels e.g. web vs. mobile, or for applying different commissions across various sub-partners. This granular control empowers you to optimize your pricing strategy and maximize profitability.
As this feature is currently in beta, please contact your account manager to discuss how to integrate and leverage this powerful new tool.
₿ New Cryptocurrencies and Blockchains Now Available!
We’re expanding our crypto offerings with these exciting additions:
- TON and USDT on TON: Customers can purchase Ton (TON) and Tether (USDT) on the TON blockchain with Banxa, now integrated within the Telegram ecosystem.
- Expanded Token Selection:
- BitMart Token (BMX)
- Blocksquare Token (BST)
- Ethereum on ZkSync Era (ETH)
- iExec RLC (RLC)
- Magic Square (SQR)
- Tether on Ton (USDT)
- Ton on Ton (TON)
- VaporFund (VPR)
List your token with us and expand your token’s reach and user base through circulation across diverse applications and platforms.
Is it Base season?!
It has certainly been an exciting time as Base activity keeps building! Here at Banxa, so do we, and we offer continued support for DAI, ETH, and USDC on the Base ecosystem.
New Partnerships
🤝Expanding Our Reach: New Integrations with Leading Platforms and Ecosystems
We’re thrilled to announce new partnerships with UniSwap, Telegram, Argent, Backpack Exchange, BitPay, Cube Exchange, Good Crypto App, and Flexy Trade. These integrations expand the global reach of crypto and make it even easier for users to access on-and-off ramp services.
With our Global KYC feature, if your customers have used Banxa on any of these platforms, when they use your application, we will recognise them as returning users and they will not have to KYC again.
📒 Want to keep reading?
You can check out our previous product updates here: